NEW YORK, May 10, 2011 /PRNewswire/ -- In a new report released by PwC US, "Growth Reimagined: The talent race is back on," key talent findings from PwC's 14th Annual Global CEO Survey are highlighted to show that talent is the top priority for CEOs, moving up from third on the agenda in last year's survey.
The survey finds that more than half of the global and U.S. CEO respondents (51 percent global; 55 percent U.S.) plan to increase their headcount over the next twelve months but are concerned they may not have access to people with the right skills. PwC reports that 66 percent of global CEOs and 56 percent of U.S. CEOs say a lack of the right skills is their biggest talent challenge.
According to PwC, 75 percent of U.S. CEOs plan "some or major change" to their firm's talent management strategy over the next 12 months.
"The 'war for talent' is not just a numbers game – it means finding, retaining and motivating employees whose skills fit the company's strategy," said Ed Boswell, U.S. Advisory People and Change practice leader at PwC. "As the economy is gradually showing signs of improvement, companies are putting their emphasis on their people."
The survey also shows that talent strategies are likely to focus on motivating and deploying staff. However, according to PwC, CEOs are failing to exploit key talent pools – only a minority of CEOs see themselves changing their strategy on women, older people and younger workers.
According to the survey, U.S. CEO confidence has rebounded, although their optimism this year falls short of that shown in emerging markets. CEOs plan to grow revenues in regions where recoveries were strong. For U.S.-based CEOs, the regions where key operations are expected to grow the most are Asia, Latin America and the Middle East. PwC notes that hiring plans are the most upbeat across the U.S. and the emerging markets of Asia and Brazil.
More than half of CEOs (59 percent) are planning to send more staff on international assignments in the next twelve months. Looking forward, PwC expects a shift in mobility patterns, as skilled employees from emerging markets increasingly operate across their home continent and beyond.
Notes Billy Owens, Global and U.S. leader of PwC's International Assignment Services practice, "The impact of these changes cannot be overstated. Increased regulatory complexity and the war for talent will require organizations to adapt their approach to managing human capital across borders."
Among the issues that companies will need to address are employer tax obligations; income and social taxes; immigration requirements and work permits; and labor and employment law issues. Adds Owens, "And all of this will need to be done for a large and more geographically diverse number of employees."
"Technology will continue to play an important role in facilitating working arrangements for cross-border employees," he adds. "Traditional expatriate assignments will continue, but will be supplemented by more business travel, as well as short-term and commuter assignments. Those organizations that plan now will be able to manage the increasing compliance and regulatory obligations that are ahead."
"The challenges most CEOs report in recruiting and retaining talent reflect the strategic and geographical changes afoot for many companies," continued Boswell. "Companies are taking the long view on addressing talent needs in every market where they operate."
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